# Biweekly Mortgage Calculator

Created by Oghenekaro Elem and Tibor Pál, PhD candidate
Reviewed by Hanna Pamuła, PhD and Steven Wooding
Last updated: Aug 02, 2023

Biweekly mortgage calculator is a tool that helps you calculate your mortgage payments on a biweekly basis. That means every two weeks. The calculator is a simple version of our mortgage calculator, which deals with all the questions arising when you are about to buy a house with a mortgage loan.

This article provides all the information you need to know about how to calculate biweekly mortgage payments and the compounding frequency involved. Perhaps you are wondering:

• How does making biweekly mortgage payments work?
• Is it worth paying mortgage biweekly?

If you are interested in comparing different repayment scenarios, you can use the mortgage amortization calculator which focuses on the amortization schedule of your mortgage.

## What is a biweekly mortgage?

When you collect a mortgage loan, your mortgage provider provides the mortgage interest rate and mortgage term or amortization period. You can choose to pay off the loan using different payment frequencies options. The payment frequency determines the number of payments you make per year to pay off the loan at the end of the mortgage term. However, the more frequent you pay, the less interest will accrue, and you can save money on the payments.

Generally, you make mortgage payments on a monthly basis. It means that you make a single payment by each month's due date, resulting in $12$ payments per year.

A semi-monthly payment frequency would allow you to make $24$ payments per year.

But the biweekly payment frequency lets you make a payment every two weeks. Since there are $52$ weeks in the year, your total number of payments when paying biweekly is $26$ payments per year. That way, you can make more payments than a monthly schedule and pay off your mortgage loan faster with a full extra contribution to your mortgage repayment each year, equivalent to about $13$ monthly payments. This additional monthly payment makes a faster amortization resulting in a lower total interest payment.

## Compounding frequency impact on biweekly mortgage payments

Different countries use different compounding frequency or compound period for mortgage interest. In a mortgage loan, the compounding frequency is the number of times that interest on the outstanding mortgage loan (principal) is added to the principal amount of the loan. Compounding frequency can be monthly, quarterly, semi-annually or annually.

The compounding frequency determines the interest rate per payment. For instance, interest is compounded semi-annually in Canada but compounded monthly in the US and UK. Our mortgage payoff calculator can quickly compare different compounding frequencies.

## How to calculate biweekly mortgage payments

To compute the accelerated bi-weekly payment, you need to divide the monthly payment by 2, which gives you the amount you will pay every second week. To do so, you need to apply the following biweekly mortgage formula:

$\scriptsize P = A \times i \times \frac{(1+i)^{n*12}}{(1+i)^{n*12} - 1} \times \frac{1}{2}$

where:

• $P$ - Biweekly payment;
• $A$ - Mortgage amount;
• $i$ - The periodic interest rate (annual interest rate / 12)
• $n$ - The number of years

You can use our well-equipped mortgage calculator (linked above) to calculate your mortgage payments on a monthly, biweekly, or weekly schedule. It also allows you to calculate the mortgage acceleration of your payments.

Oghenekaro Elem and Tibor Pál, PhD candidate
Mortgage inputs
Loan amount
$Mortgage term yrs Interest rate % Due date Payment summary  Payments w/o acceleration Bi-weekly payment Difference Payment$899.33 monthly $449.66 bi-weekly$74.94 more per month Term 30 years 24 years and 6 months 5 years and 6 months Payoff date Aug. 24, 2053 Feb. 09, 2048 5 years and 6 months Total interest $173,757.28$136,048.82 -$37,708.46 Total payments$323,757.28 $286,048.82 -$37,708.46
Represent
Chart of balances
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